speculators piled into the oil futures off of the violence and tragedy in libya and egypt and rang the register. that's all a review. the most important thing right here is that despite today's strength, garner believes the selling is not yet done. she think's oil is going lower, perhaps a lot lower. the big reason for that has to be what you see at the bottom of the chart. new indicator. every week the cft, it is future trading commission compiles data and issues a report on the net open positions of commodity traders. it's called the commitments of traders report and they identify traders as being long or short while also breaking them into three categories -- large speculator, small speculator and commercial hedger. keep those in mind to be we have all this data. who is really batting which way on oil? the largest speculative group is made up of managed commodity funds and superrich individuals who speculate on oil. not to hedge. these guys refer to themselves as the smart money but there is not a lot of evidence that supports that appellation. they have deeper pockets than smaller